BIOMIRA ANNOUNCES RESULTS TO JUNE 30, 1992
BIOMIRA ANNOUNCES RESULTS TO JUNE 30, 1992 EDMONTON, Alberta, July 29 /PRNewswire/ -- Biomira Inc.
(NASDAQ: BIOMF; Toronto, Montreal, Calgary: BRA) announced today its financial results for the six months ended June 30, 1992.
Revenues for the six months ended June 30, 1992 were $11.4 million compared to the corresponding period in 1991 of $10.1 million. The increase in revenue of 13 percent principally reflects increased interest revenue of $1.6 million due to significantly higher cash balances in the corporation. The consolidated net loss for the period of $6.2 million (June 1991 loss - $3.8 million) represents a loss per share of $0.34 (June 1991 - $0.31) on a weighted average number of common shares outstanding of 18.0 million (June 1991 - 12.4 million). Biomira's 46-percent-owned affiliated company, ADI Diagnostics Inc., is accounted for on the equity basis and has resulted in a loss for the six months ended June 1992 of $1.3 million (June 1991 loss - $1.1 million). The company continues to invest significant cash resources in research and development and for expenses related to clinical trials, all of which are expensed as incurred. These expenditures will continue to increase over the next few years as the company proceeds through the rigorous regulatory approval process prior to commercialization. Cash balances in the corporation at June 30, 1992 are $43.7 million compared to $7.2 million at June 30, 1991 as a result of the issue of 4.36 million common shares in December 1991. Biomira is a public biotechnology firm which has four in vitro test kits on the market under the TRUQUANT (R) label for diagnosing gastrointestinal, ovarian, and breast cancers, including one for measuring the probability of human anti-mouse antibody (HAMA) reaction. A number of other products, including THERATOPE (R) therapeutic injections, and Tru-Scint (R) diagnostic radioimmunoconjugates, are at various phases in the clinical trial process. Biomira holds a 75 percent interest in H.C.S. Health Care Systems Inc. of Vancouver, and a 46 percent interest in ADI Diagnostics Inc. of Toronto. -0- 7/29/92 /CONTACT: Alex McPherson, M.D., Ph.D., president and CEO, or Jim Devaney, C.A., VP-finance and CFO, or Jane Jack, (investors), 403-490-2812/ (BIOMF) CO: Biomira Inc. ST: Alberta IN: SU: ERN
AL -- LA029 -- 4796 07/29/92 17:04 EDT
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|Date:||Jul 29, 1992|
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